Slides
Page 1
4 June 2025 Full-year 2025 Results Presentation
Page 2
2 2 FY 2025 key messages — Tough year, better second half — Positive net flows — Improved investment performance — Extremely competitive market for new business — Sharpened focus and strategic clarity starting to deliver — Sanlam transaction well received and on track — Committed and motivated staff, with increased shareholding Building the active investment manager of the future
Page 3
3 FY 2025 results FY 2025 FY 2024 Change % Assets under management (AUM) £130.8bn £126.0bn 4 Net flows (£4.9bn) (£9.4bn) Basic earnings per share (EPS) Adjusted EPS 17.2p 15.5p 18.4p 15.9p (7) (3) Full-year dividend per share 12.2p 12.3p (1) Adjusted operating profit margin 31.2% 32.0%
Page 4
Full-year 2025 Results Business Review
Page 5
Significant developments in FY2025 – Sanlam transaction – Firmwide AI roll-out in process – Two offices in the Middle East – Traction in focus strategies – Leadership revitalisation across the firm – Continued investment in talent Building through the cycle 5
Page 6
Sanlam transaction – recap — Strategic partnership with Africa’s leading non-bank financial services group — Long-term relationship, starting with a 15-year contract — Ninety One will manage an additional AUM of c.R400bn (c.£17bn) — Ninety One gains preferred access to Sanlam’s distribution network — Sanlam becomes an anchor investor in Ninety One’s international private credit strategies Enhances SA position and supports future growth 6
Page 7
7 Long-term track record £131 bn £0 £55,000 £110,000 £165,000 £220,000 0bn 20bn 40bn 60bn 80bn 100bn 120bn 140bn 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022 2025 Assets under management (AUM) Adjusted operating profit (£m) +93% +12%+19%AUM CAGR Domestic growth 1992-1998 Internationalisation 1998-2009 Scaling post crisis 2009-2020 Seeking growth in a world of change 2020-2025 +5% Note: Financial years ended 31 March.
Page 8
8 Building the active investment manager of the future Business model Client focused Capital light People centric Technology- and AI-enabled Differentiated global specialist Best-in-class active investing and client engagement
Page 9
9 — Disruptive geopolitics — Changing regional performance profiles — Broader markets — Intense competition with price pressure Market and business conditions Growth opportunity for active management
Page 10
10 AUM development (£bn) Net flows Portfolio growth 126 127 131 (5.3) 0.46.7 2.9 FY 2024 H1 2025 FY 2025 AUM
Page 11
11 295 (1,828) (2,685) 74 (1,015) (701) 150 488 83 276 Fixed income Equities Multi-asset Alternatives SA Fund Platform Net flows by asset class: FY2025 (£m) H2 2025H1 2025 Note: Net flow numbers may not add to reported totals due to rounding.
Page 12
12 Net flows by client group: FY2025 (£m) H2 2025H1 2025 (820) (959) (1,376) 2,114 (1,817) (2,079) (322) (379) 244 531 Africa Europe Asia Pacific United Kingdom Americas Notes: Asia Pacific includes Middle East. Net flow numbers may not add to reported totals due to rounding.
Page 13
13 46% 43% 64% 76% 73% 54% 57% 36% 24% 27% 1 year 3 year 5 year 10 year Since inception Firm-wide investment performance 31 March 202531 March 2024 Outperformance Underperformance 68% 59% 72% 81% 76% 32% 41% 28% 19% 24% 1 year 3 year 5 year 10 year Since inception
Page 14
People and culture – Building an intergenerational business – leadership revitalisation – Active talent management – Compensation aligned with outcomes – Growing staff ownership (c.32.6%) – Resilience supported by a healthy culture People centric, talent friendly, owner culture 14
Page 15
Full-year 2025 Results Financial Review
Page 16
16 Financial results £ million FY 2025 FY 2024 Change % Management fees 567.1 557.9 2 Adjusted operating expenses (414.7) (405.3) 2 Management fees net of adj. op. expenses 152.4 152.6 - Performance fees 27.5 30.6 (10) Other income 8.0 7.3 10 Adjusted operating profit 187.9 190.5 (1) Average AUM £129.0bn FY 2024: £123.9bn Average management fee rate 44.0bps FY 2024: 45.0bps Adjusted operating profit margin 31.2% FY 2024: 32.0%
Page 17
17 Financial results (cont.) £ million FY 2025 FY 2024 Change % Adjusted operating profit 187.9 190.5 (1) Adjusted net interest income 19.3 17.7 9 Share scheme net credit 0.8 8.6 n.m. Corporate related professional fees (3.7) - n.m. Profit before tax 204.3 216.8 (6) Tax (54.2) (52.9) 2 Profit after tax 150.1 163.9 (8) Adjusted EPS 15.5p FY 2024: 15.9p Effective tax rate 26.5% FY 2024: 24.4%
Page 18
18 Adjusted operating expenses Note: Impacts are estimated based on prevailing inflation and exchange rates. Business expenses Employee remuneration 405.3 1.2 2.2 0.2 2.3 3.5 414.7 FY 2024 Inflation-linked impact FX-linked impact Technology Other FY 2025 £ million
Page 19
19 Business and total expenses 118 120 139 135 124 129 11.8 10.5 10.0 11.2 11.7 11.9 33.7 33.1 31.3 31.6 32.7 32.1 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Average AUM (£bn) Business expenses in bps of average AUM Total expenses in bps of average AUM 32.3% 34.2% 34.7% 32.7% 32.0% 31.2% % Adjusted operating profit margin
Page 20
20 190.5 9.2 (3.1) 0.7 (1.2) (8.2) 187.9 FY 2024 Management fees Performance fees Other income Employee remuneration Business expenses FY 2025 150 160 170 180 190 200 210 220 Adjusted operating profit analysis £ million
Page 21
21 Note: 1. Capital coverage is calculated as qualifying capital after deducting the proposed dividend, divided by estimated regulatory requirement. Capital and dividend £ million 31 March 2025 31 March 2024 Equity 373.6 367.6 Non-qualifying assets (46.3) (43.9) Qualifying capital 327.3 323.7 Dividend proposed 60.9 (58.2) Estimated regulatory requirement (105.5) (112.2) Estimated capital surplus 160.9 153.3 Full-year dividend 12.2p FY 2024: 12.3p Capital coverage1 253% FY 2024: 237% Shares in issue 896.8m FY 2024: 907.4m
Page 22
Sanlam transaction 22 — Progress since November 2024 announcement: — 6 March 2025 – operative agreements signed — 9 April 2025 – shareholder approval obtained — Timing: — 16 June 2025 – closing date of UK transaction — Awaiting regulatory approvals to complete SA transaction — Preparation for implementation on track — Weighting shares for adjusted EPS calculation
Page 23
Full-year 2025 Results Conclusions and Outlook
Page 24
Conclusion Resilient business with a clear strategy 24 — Flow turnaround in second half — Sanlam transaction will strengthen and support growth — Doubling down on our focus areas — Intense competition, price pressure — Relentless drive to improve, modernise and innovate
Page 25
Outlook — Continued macro uncertainty — Demand is shifting towards our offering – growing opportunity set — Our focus is on clients and investment performance — Technology and AI will facilitate efficiency and effectiveness — Continue to invest for growth We see opportunity for active management
Page 26
26 Investing for a better tomorrow
Page 27
27 Glossary and definitions Adjusted EPS is adjusted earnings attributable to shareholders divided by the number of ordinary shares in issue at the end of the period. Adjusted net interest income is calculated as net interest income or expense adjusted to exclude interest expense on lease liabilities for office premises . Adjusted operating expenses is calculated as operating expenses adjusted to exclude share scheme net movement, corporate related professional fees and deferred employee benefit scheme movements, but adjusted to include subletting income and interest expense on lease liabilities. Other income includes share of profit from associates, operating interest, and gains or losses on foreign exchange and investments. Adjusted operating profit is calculated as adjusted operating revenue less adjusted operating expenses. Basic EPS is profit attributable to shareholders divided by the weighted average number of ordinary shares outstanding during the period, excluding own shares held by Ninety One share schemes. Firm-wide investment performance is calculated as the sum of the total market values for individual portfolios that have positive active returns on a gross basis expressed as a percentage of total AUM. Ninety One’s percentage of firm outperformance is reported on the basis of current AU M and therefore does not include terminated funds. Total AUM excludes double-counting of pooled products and third-party assets administered on the South African fund platform. Benchmarks used include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectuses. For all periods shown, market values are as at the period end date. Non-qualifying assets comprise assets that are not available to meet regulatory requirements. Torque ratio represents the relative scale of net flows in relation to the overall size of the business, expressed as a percentage. Calcul ated as net flows for the relevant period divided by AUM as at the first day of that period (annualised for non-12-month periods).
Page 28
Full-year 2025 Results Appendix
Page 29
29 Notes: Breakdown of AUM as at 31 March 2025. 1. Asia Pacific includes Middle East. AUM split By asset class By client group By client type 43% 18% 16% 12% 11% Africa Asia Pacific United Kingdom Americas Europe 46% 24% 16% 4% 10% Equities Fixed income Multi-asset Alternatives SA fund platform 65% 35% Institutional Advisor 1
Page 30
30 Recap of our focus areas — Global and international equity — EM equity — EM fixed income (including specialist credit) — Sustainability and impact
Page 31
31 Disclaimer This presentation (the “Presentation”) has been prepared by Ninety One plc and Ninety One Limited (together, “Ninety One” and, together with their subsidiaries from time to time, the “Group”). This Presentation is provided on a strictly private and confidential basis for information purposes only and must not be relied upon for any purpose. This Presentation does not constitute, and should not be construed as, part of any offer, advice, recommendation, invitation or inducement to sell, underwrite or otherwise acquire or dispose of securities in the Group, nor should it be construed as legal, tax, financial, investment or accounting advice. Any forward-looking statements contained in the Presentation reflect the Group's current view with respect to future events and are subject to risks relating to future events and/or depend on circumstances which may be or are beyond the Group’s control, including among other things: changes in the domestic and global political and/or economic environment; changes in legislation or regulation impacting the Group’s operations or its accounting policies; changes in business conditions; changes in exchange rates, interest rates and/or tax rates; and changes in the structure of the markets, client demand or the competitive environment. As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals, objectives and expectations set forth in any forward-looking statements. You should not place reliance on such forward-looking statements nor on the completeness, accuracy or fairness of this Presentation. Ninety One expressly disclaims (a) any warranty or liability as to the accuracy or completeness of the information provided; and (b) any obligation or undertaking to review or confirm analysts’ expectations or estimates, and is under no obligation to release publicly any updates or revisions to any forward-looking statements contained in this Presentation or any other forward-looking statements it may make whether as a result of new information, future developments or otherwise, unless required to do so by applicable law or any regulatory body applicable to Ninety One, including the JSE Limited and the LSE.